floor plan Audit .pdf
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How to pass a floor plan audit?
What is floor plan financing?
This is a method where auto dealerships can manage their finances. They can do this by receiving credit
lines. They are allowed to get inventory without any issues in financing. It might be hard to afford a full
inventory. But, with floor plan financing, the process will be easier.
When you have availed of this form of financing, there are things that you should expect. There are
some regulatory stipulations that you should be knowledgeable of. The dealership will be under
extensive floor plan Audit. Most of these audits are unannounced. This is the reason why, companies
should prepare for their audits. It is a make or break situation. So, follow these tips to help you pass the
Assign an audit manager
Your company should have someone responsible for the preparations for auditing. His job is primarily to
organize things. You have to ensure that the manager knows what he is doing with the financial
statements and other records. The auditor must be informed of the particular person he will be dealing
with at your company. The audit manager must be there to ensure that the auditor will have easy access
to those records.
The auditors are constantly checking for red flags. So, if the auditor sees that you are not prepared with
your records, this might turn them off. The turnover of your cars is the main priority of auditors. You
should have a system of monitoring the turnover of you vehicles. This way, when the audit day comes,
the transactions are clear. Arrange them in a chronological order for better reference.
You need to be honest during the audit. Auditors have been in the business for a long time. It is their
expertise to spot issues. So, they will easily catch you if you are lying. That will be bad new for financing
companies. You might not be approved again. Honesty is the key to getting better financial assistance.
Find a financial service that will surely help you with the audit. Your dealership does not need to be
compromised with the lack of funds. A floor plan financing can be the best option to boost your sales.
Let http://quiktrak.com/ assist you in the process.